NE Wyoming News

Washington, DC - In a significant development, the New York Stock Exchange (NYSE) has withdrawn a proposed rule change that would have allowed the listing of Natural Asset Companies (NACs). This decision comes after widespread concerns were raised regarding the legality and potential consequences of such a move. The Securities and Exchange Commission (SEC) issued a statement confirming the withdrawal of the proposed rule change.

The proposed rule change would have enabled the buying and selling of "rights" to certain private and public lands, including to foreign nations and noncitizens. These rights would have granted NACs the authority to terminate and prevent all economic activity on the properties they controlled. This raised concerns among various stakeholders, including farmers, ranchers, loggers, miners, energy producers, and energy users.

Rep. Hageman, who played a key role in opposing the rule change, expressed satisfaction with the decision. In a statement, he said, "This is a clear win for all those who rely on public lands for their livelihoods and for the enjoyment of all. It is a testament to the power of collective action and the importance of raising concerns about policies that could have far-reaching consequences."

The withdrawal of the proposed rule change follows a series of actions taken by concerned individuals and organizations. Rep. Hageman highlighted that the extension of the public comment period, which he had advocated for, allowed more stakeholders to express their concerns regarding NACs. Additionally, efforts were made by members of both the House and Senate to block the rule change legislatively.

The NYSE's decision to withdraw the proposed rule change is seen as a significant victory for those who opposed the concept of NACs. It sends a clear message that policies considered detrimental to various industries and the responsible use of public lands can be defeated.

The proposal to list NACs on the NYSE was first introduced by the SEC on October 4, 2023. The complex nature of the proposal and the questionable legality of the investing mechanism raised numerous concerns. NACs would have had the power to control certain lands and be prohibited from engaging in "unsustainable activities" such as fossil fuel development, mining, logging, and grazing.

The withdrawal of the proposed rule change by the NYSE marks a turning point in the ongoing debate surrounding NACs and their potential impacts. It serves as a reminder that when stakeholders come together and voice their concerns, it is possible to bring about change and ensure that common sense prevails.

Contact:

Chris Berardi, Sr. Advisor/Communications Director